A publicly traded, multinational, $484-billion-AUM* asset manager from the UK is poised to acquire a $20-billion-AUMA**, 17-year-old ETF strategist in Gotham.

On Friday (January 23), Ali Dibadj, CEO of Janus Henderson Group [profile], and Richard Bernstein, CEO and chief investment officer of Richard Bernstein Advisors, publicly revealed that London-based Janus Henderson has agreed to acquire New York City-based RBA. RBA is principally owned by Bernstein himself (with a stake of 50 to 75 percent***), with iM Global Partner also holding a 45-percent stake.

A Janus Henderson spokesperson declined to comment on the pricing and terms of the RBA deal, which have not been publicly disclosed. Piper Sandler & Co. advised RBA, Bernstein himself, and iM Global Partner on the deal. On the legal side, Vedder Price counseled RBA, while Sheppard, Mullin, Richter & Hampton LLP counseled Janus Henderson.

News of the RBA deal comes as an even bigger change is also on the horizon for Janus Henderson. A month ago, a high-profile activist investor and several allies unveiled a deal to take Janus Henderson private, as previously reported, in a deal that values the fund firm at about $7.4 billion. It's not clear which deal will close first: Janus Henderson's planned purchase of RBA, or the Trian- and General-Catalyst-led purchase of Janus Henderson.

"The RBA transaction is expected to close in Q2 2026," a Janus Henderson spokesperson tells MFWire via email. "The Trian/General catalyst is expected to close in mid-2026 and is subject to customary closing conditions, including receipt of applicable regulatory approvals, client consents, and approval by Janus Henderson's shareholders."

RBA has a team of 29 employees (including 7 investment committee members), according to the company website. Dibadj lauds the RBA as "renowned for their research capabilities, time-tested investment strategies, and innovative top-down, macro approach to investing." And the Janus Henderson team confirms that Bernstein himself is expected to stay on after the deal, with a multi-year commitment to serve as Janus Henderson's global head of macro and customized investing. A Janus Henderson spokesperson confirms that RBA will also remain based in the Big Apple.

Dibadj puts the Janus Henderson-RBA deal in the context of rising "client demand for model portfolios and SMAs."

"The investment and distribution capabilities at both RBA and Janus Henderson is a winning combination and positions Janus Henderson for long-term success and market leadership in model portfolios and SMAs," Dibadj states.

Bernstein describes the Janus Henderson deal as the "next stage of RBA's evoution."

"Our shared deep research-driven approach to investing, client-first mentality, strength in active ETFs and product innovation, and distribution capabilities will allow us to develop customized models and expand our reach with clients. We will remain steadfast in providing our clients with our industry-leading intellectual capital and market perspectives," Bernstein states. "Our macro investment approach will complement Janus Henderson's bottom-up, fundamental investment strategies, expanding our combined capabilities for the benefit of our clients."

News of the RBA sale to Janus Henderson comes about five years after Paris-based iM Global Partner bought its big minority stake in RBA. Jeff Seeley, deputy CEO of iM Global Partner and CEO of iM Global Partner Fund Management, referred inquires about the Janus Henderson deal to Philippe Couvrecelle, founder and CEO of iM Global Partner

"Janus Henderson's acquisition of RBA is a strong outcome for the firm and clients, and clear proof of our strength in identifying leading investment boutiques, and the value our partnership platform can create for our asset management partners," Couvrecelle states. "iM Global Partner is a growth company. We already have ambitious plans to accelerate our expansion for the long term, and this transaction provides additional momentum to capitalise on our expertise in partner selection, forge new relationships, and further advance our growth strategy across Europe, the U.S., and Asia."

"I wish Richard and the entire RBA team every success i this next phase," Couvrecelle writes in a LinkedIn post.

Bernstein praises iM Global Partner as "an excellent and supportive partner of RBA."

"All of us at RBA are extremely thankful for iMGP's helping hand to aid our growth, and we wish them only the best of success for their future endeavours," Bernstein states.

*As of September 30, 2025.

**As of January 16, 2026.

***Per its most recent form ADV, filed on January 22, 2026 (i.e. last Thursday). 

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